 How do I know if I'll owe money or get a refund for my taxes? |
| I don't really understand what determines the amount you owe or the amount you will be refuned on your taxes...As long as you aren't reporting inacurrate tax information (claiming too many ... |
|
 When is the earliest I can file my income tax's ? |
| I do not plan to wait for my w2's I am gonna use my last pay stub I called a tax preparer and they said it's Jan 16 the is this true? specific date ... |
|
 Can you deduct cosmetic surgery costs on income tax? |
| I had my sinuses cleaned out and had the surgeon also perform some cosmetic surgery on my nose at the same time. I was told some of it would be billed to insurance but wasn't coverable because ... |
|
 I recive ssi and stated my hubby dosent live with us or contribute. but we want to file taxes together.? |
| i recive ssi for my autistic daughter and my husband dosent live with us or give us money. but we want to file income tax together we aew legally married and have 3 kids so we want to file married ... |
|
 How can i claim the tax i have been paying towards National Insurance and ****? |
| hi, i have been working for 2 years in the UK and now i have decided to go to singapore as i am getting better opportunity. I think what ever tax i have paid so far can be claimed and the govt pays ... |
|
 Help! Credit for the miles I commute -- legit, or not? |
| Turbo Tax has me frustrated as heck. There's a place in my deductions where it asked me to provide how many miles I've driven this year (not a problem), and then it has a box asking for how ... |
|
 What are the tax laws regarding winnings? |
If I won $1,000 on a slingo drawing (online gaming site) how much would the IRS take and where/how do you report it? Would it make a difference if it were only $200?
Additional Details
I ... |
|
 My son in law discovered that his employer hasn't been paying his Tax and NI contributions,what should he do? |
| He recieved a letter from the DSS to say they had noticed he hadn't paid any contributions for over 20months and he approached his boss who said she would look into it but who has now admitted ... |
|
 How do I file a past due tax return? |
I did not file for 2006 but I think that I was supposed to get $$$$ back. Is there any way to file online?
Additional Details
Where do I go to file it online?... |
|
 When do I have to start paying council tax? |
| I am currently a student in my final year and graduate this summer. Last year I bought a house with my boyfriend and currently as we are both students we don't have to pay council tax. We were ... |
|
 Can my parents claim me for 2007? |
| I moved out of state from my parents in the beginning of January, and turned 19 years old in February. I have worked full time since then, and I will be going to school in summer and fall this year. W... |
|
 Can He Claim Her On His Taxes? |
| My daughter lives with me Her father is in the marines and he wants to try to claim her on his taxes yes he pays child support but she has lived with me from day one i have been told by several ... |
|
|  |
lybopitno | Will I get a tax break for the college tuition, that I paid for my dependent child? ? |
|
 |
 
Blah
 |
There are two credits -- the Hope credit (more generous, but only 2 years) and the Lifelong Learning credit (less generous, but I think it goes forever), as well as a tuition deduction. You can only take one of these for a particular dependent. They are all subject to your income. The one you should take is based on your marginal tax rate.
In addition to those, there is also a deduction for interest on student loans. It is also means tested. |
|
A M Frantz
|
If your child is 23 or younger, a full time student at an accredited college, and supported primarily by you, you can claim tax benefits for his/her educational expenses.
There are two credits, as Blah pointed out: the Hope Credit and Lifetime Learning. Each has different rules and limits. There is also the tuition tax credit, line 34 on form 1040, which is less common, but the best choice for certain taxpayers. All of these credits phase out for persons with high incomes.
|
|
ninasgramma
 |
It is possible that you will get a tuition tax break for a dependent who attends college.
To clear up some other information in other answers, your dependent student can be of any age (yourself or your spouse for example, or a child age 24 or older who qualifies as your dependent).
There were three education benefits available in 2007, which may be also available in 2008. They are the Hope Credit, Lifetime Learning Credit, and Tuition and Fees deduction. Which benefit you take depends on your income, the amount of your expenses, and if you owe tax or not.
IRS Pub 970 details everything, but if you get a software package and enter the info, it should tell you which benefit is best for you.
The tax benefit could be in the neighborhood of $2,000, so worth looking into. |
|
MrMojo1
|
Right now, the answer is unclear since the tuition credit/deduction expired as of 12/31/2007 and Congress is still deciding on whether or not to extend the tuition credit/deduction 1 more year through 2008.
You'll want to pay attention to the news re: any tax updates especially towards year's end when Congress usually makes some last minute tax law changes.
|
|
v b
 |
It depends on income. See IRS publication 970. |
|
intelligent80000
|
i think so. |
|
Judy1
|
If you have any federal income tax liability for the year, you will get a tax break if you claim an education credit for the tuition unless you make so much that the credit phases out.. |
|
travelguruette
 |
The is a college tuition deduction. Will you get it depends on other factors. Income, AMT, etc. |
|
Jss
|
I am not sure that tuition fee deduction is available on 2008 tax return. You may get eduction credit.
http://taxipay.blogspot.com |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 25 minutes(s) ago
| | | |
9 | 31 minutes(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
9 | 5 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
8 | 1 day(s) ago
| | | |
8 | 3 day(s) ago
| | | |
9 | 4 day(s) ago
| | | |
8 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
